Bakkt, Inc.
For the period ended Dec 31, 2025. Filed Mar 19, 2026.
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FY2025 · Filed Mar 19, 2026
BKKT$4.65+8.1%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Operations
(in thousands, except per share data)
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31,2023 | |
|---|---|---|---|
| Revenues: | |||
| Crypto services | $2,335,243 | $3,441,056 | $726,988 |
| Total revenues | 2,335,243 | 3,441,056 | 726,988 |
| Operating expenses: | |||
| Crypto costs (See Note 2) | 2,308,390 | 3,403,207 | 718,511 |
| Execution, clearing and brokerage fees | 18,436 | 24,024 | 3,772 |
| Compensation and benefits | 77,336 | 36,071 | 45,494 |
| Professional services | 25,256 | 16,445 | 10,164 |
| Technology and communication | 7,307 | 9,476 | 12,488 |
| Selling, general and administrative | 12,666 | 24,380 | 30,887 |
| Acquisition-related expenses | 53 | 128 | 4,299 |
| TRA settlement expense | 26,875 | — | — |
| Depreciation and amortization | 607 | 343 | 12,334 |
| Related party expenses | — | 600 | 3,902 |
| Goodwill and intangible assets impairments | — | — | 12,660 |
| Impairment of long-lived assets | 733 | 744 | 24,103 |
| Restructuring expenses | 5,335 | 8,194 | 4,249 |
| Other operating expenses | 84 | 30 | 369 |
| Total operating expenses | 2,483,078 | 3,523,642 | 883,232 |
| Operating loss from continuing operations | (147,835) | (82,586) | (156,244) |
| Interest income, net | 791 | 4,318 | 4,338 |
| Gain (loss) from change in fair value of warrant liability | 30,191 | (17,186) | (1,571) |
| Other income, net | 19,469 | 1,153 | 179 |
| Loss from continuing operations before income taxes and equity in earnings of affiliates | (97,384) | (94,301) | (153,298) |
| Income tax (benefit) expense | (49) | 110 | 355 |
| Net loss from continuing operations before equity in net earnings of affiliates | (97,335) | (94,411) | (153,653) |
| Loss from equity method investment | (323) | — | — |
| Net loss from continuing operations | (97,658) | (94,411) | (153,653) |
| Net loss from discontinued operations, net of tax | (34,574) | (9,036) | (72,159) |
| Net loss | $(132,232) | $(103,447) | $(225,812) |
| Less: Net loss attributable to noncontrolling interest | (25,020) | (56,788) | (150,958) |
| Net loss attributable to Bakkt, Inc. | $(107,212) | $(46,659) | $(74,854) |
| Basic net loss per share attributable to Class A common stockholders: | |||
| Continuing operations | $(6.55) | $(7.27) | $(14.29) |
| Discontinued operations | (2.32) | (0.70) | (6.72) |
| Total basic net loss per share attributable to Class A common stockholders | $(8.87) | $(7.97) | $(21.01) |
| Diluted net loss per share attributable to Class A common stockholders: | |||
| Continuing operations | $(6.55) | $(7.27) | $(14.29) |
| Discontinued operations | (2.32) | (0.70) | (6.72) |
| Total diluted net loss per share attributable to Class A common stockholders | $(8.87) | $(7.97) | $(21.01) |
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